Bankers Life and Casualty Company is adding a hospital indemnity insurance plan to its portfolio of supplemental health insurance products.
In a statement, the company said that its hospital indemnity insurance provides cash benefits for hospitalization due to accidental injury or sickness. The benefits paid can help cover out-of-pocket expenses typically not covered by private health insurance or Medicare, including deductibles and copays.
The product can be paired with any major individual or employer-sponsored health plan and pays fixed dollar cash benefits directly to the policyholder. It is targeted at individuals and families who desire to protect their savings against high healthcare costs, Bankers Life said.
“Nearly 35 million people are admitted to U.S. hospitals each year and the average cost of a hospital stay is more than $10,000,” said Scott Goldberg, the president of Bankers Life. “With health insurance coverage trending toward higher deductibles and copayments, consumers can face steep out-of-pocket costs when admitted to an emergency room or confined to a hospital stay. Our new hospital indemnity insurance offers a lump-sum cash benefit so that our policyholders can focus on their health and not on any related expenses.”
The benefits of hospital indemnity insurance include:
- Guaranteed renewability for life as long as the required premiums are paid on time.
- Benefits paid directly to the customer and not a doctor or hospital.
- No restrictions on how benefit payments are used.
“Moreover, it offers one of the highest per-day benefit options for both the daily hospital confinement benefit and the intensive care unit confinement benefit. Additionally, this is one of the few products in the marketplace that offers benefit options for both emergency room visits and ambulance trips,” added Mr. Goldberg.
Learn more: bankerslife.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].